M-122 Windfall profits tax

That:

(a) the House recognize that,

(i) Canadians are feeling the impact of a global cost-of-living crisis in addition to the climate crisis,

(ii) private corporations, especially in the fossil fuel sector, are making record profits at a time where everyday Canadians are struggling to make ends meet,

(iii) research shows that 25 cents of every inflationary dollar went to oil and gas profits, further exacerbating the climate crisis and record profits,

(iv) the largest Canadian oil and gas companies, making record profits, continue to increase their greenhouse gas emissions, contributing to the climate crisis,

(v) the Canadian government continues to give billions of dollars in subsidies and public financing to the fossil fuel sector during a cost-of-living crisis,

(vi) in the face of excessive profits from the fossil fuel sector, other jurisdictions such as the United Kingdom have implemented a windfall profits tax on oil and gas companies,

(vii) the Parliamentary Budget Officer has stated that a 15 % windfall profits tax on just seven of Canada’s oil and gas companies could generate $4.2 billion over five years,

(viii) polling from Leger from March 2024 shows that the majority of Canadians support a tax on excess profits on the fossil fuel industry; and

(b) in the opinion of the House, the government should,

(i) implement a windfall profits tax on the excess profits of oil and gas companies,

(ii) reinvest the profits of a windfall profits tax in efforts to combat the cost-of-living crisis and climate crisis.